Cork Mart CEO to retire
The chief executive of Cork Marts yesterday, Wednesday, informed the board he will be retiring from his position.
Sean O’Sullivan told the board at their meeting on 4 September of his intention to retire from his position in early 2025.
By the time of his retirement, Mr O’Sullivan, who turns 62 in December, will have spent more than 30 years working with Cork Marts, having joined the organisation as financial controller in 1995, before being appointed as CEO less than 18 months later.
He will continue in his role pending the appointment of a new CEO, with the recruitment process set to begin immediately.
In a statement, he said: “I’m proud of what Cork Marts, through our board, advisory committees, management team and staff, have accomplished over the past thirty years. Working together, we have achieved transformative growth and strengthened the society’s position as Ireland's largest livestock auctioneers.”
Meanwhile, Lyle Buttimer, Chairperson of Cork Marts, said Cork Marts “is in a very strong position after years of commitment and investment from various boards under the advice of our CEO”.
The statement said he oversaw the restructuring and reorganising of the society from nine to six centres, the construction of two new marts on greenfield sites as well as helping the business to transact €2.8 billion in livestock sales and generate €33 million in profit.
The statement added: “His term as CEO is distinguished by a significant diversification of Cork Marts’ business portfolio. This includes leveraging Cork Marts’ asset base through retail and commercial development, which successfully generated a significant income stream and strengthened the company’s balance sheets. In recent years developments have included residential units for social housing bodies and receiving planning permission for future projects.
“This diversification into commercial and residential property development has enabled Cork Marts to undertake considerable capital investment in its core mart business across its six centres at Bandon, Corrin, Skibbereen, Macroom, Dungarvan and Cahir, laying a solid foundation for future growth,” the statement added.
The 2023 accounts showed mart sales of €164 million and a €1.5 million growth in shareholders’ funds to €26.1 million.